Growing Company Gets a New Hampshire Bank Loan

Would a New Hampshire bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this New Hampshire bank, which offers SBA loans to New Hampshire entrepreneurs.

This small business, based in Hanover, New Hampshire, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Ledyard National Bank. We've got the inside scoop on this New Hampshire small business loan.

SBA Loan Borrower

COMPANY TYPE: APPAREL AND ACCESSORY STORES
HANOVER, NH 03755

SBA Loan Lender

LEDYARD NATIONAL BANK
38 S MAIN ST
HANOVER, NH 03755

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5699 - Apparel and Accessory Stores

Loan Approval Date

5/17/2000

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $40,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Ledyard National Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Ledyard National Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Obtaining Funding - Friends and Family

SBA 7A Banks for Hanover, New Hampshire Loans

SBA Lenders in New Hampshire